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Auditors question treasurer’s lack of bids for 20 years

The state auditors are questioning why the state Treasurer’s office has not bid some contracts in some cases for 20 to 25 years. They said the treasurer’s cash management division needs to make the changes for better fiscal results.

The auditors found banking service contracts have not been rebid since their inception, between 20 and 25 years ago. Certain requirements, such as OPM approval, gift affidavits, and ethics

certifications were not available, as the contract dates preceded those requirements.

The treasurer’s office said it will be rebidding the contracts by the end of December.

In addition, the auditors’ review of consultant contracts disclosed that contractual agreements totaling $8.6 million were not executed before their commencement dates. Contractors also began work prior to the execution date, auditors found.

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The audit said that could lead to unforeseen liabilities if work is started on a project before all of the key terms have been agreed to and the contract has been signed.

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